Latest news with #HardyExploration&Production
The Hindu
26-05-2025
- Business
- The Hindu
ONGC-led JV resumes crude production from offshore PY-3 field in Cauvery Basin
A joint venture led by Oil and Natural Gas Corporation (ONGC) has commenced crude oil production from the PY-3 field, located offshore in the Cauvery Basin and shut for almost 14 years. Originally brought onstream in 1997, the field had been shut since July 2011. The resumption by the JV that comprises Hardy Exploration & Production (India) Inc. and Invenire Petrodyne, besides the State-owned ONGC, follows a multi-phase revised field development plan in place for reviving the production. Integrity assessment, conditioning and activation of subsea well PD3SA; installation of subsea infrastructure; and hook-up to the floating production, storage and offloading (FPSO) vessel Svetah Venetia figured in Phase I of the revised FDP that has since been completed. The FPSO is being used to process and separate oil, gas and water. The produced oil is stored on the FPSO and offloaded to shuttle tankers for transport to refineries, ONGC said on Sunday. Phase II of the FDP will involve drilling of additional wells and the application of enhanced oil recovery (EOR) techniques to boost output from 'this prolific field', which yields light, sweet crude oil. Invenire Energy Group firm Hardy Exploration & Production (India) is the operator of the block with an effective 22.79% participating interest. ONGC holds 50.63% and Invenire Petrodyne remaining 26.58% interest. Invenire Energy Chairman Manish Maheshwari and ONGC's Director (Strategy and Corporate Affairs) Arunangshu Sarkar, in a joint statement, appreciated the Union Ministry of Petroleum and Natural Gas and the Directorate General of Hydrocarbons (DGH) for their 'support, guidance and unwavering encouragement, which were instrumental in achieving this milestone.' Mr. Maheshwari said the development marks a significant step in Invenire's operational journey and reaffirms the JV's commitment to contributing to India's energy security.
Yahoo
26-05-2025
- Business
- Yahoo
PY-3 offshore field resumes production after 13 years
The PY-3 offshore field in the Cauvery Basin has recommenced crude oil production after a 13-year hiatus. This development follows the successful completion of phase I of the revised field development plan (FDP), as announced by the joint venture partners Oil and Natural Gas Corporation (ONGC), Invenire Petrodyne, and Hardy Exploration & Production (India). The PY-3 field, which lies off the east coast of India, was initially brought into production in 1997 but has been non-operational since July 2011. The joint venture is composed of ONGC with a 50.63% participating interest, Hardy Exploration with an effective 22.79%, and Invenire Petrodyne holding 26.58%. Phase I of the FDP included the assessment and reactivation of the subsea well PD3SA, the installation of subsea infrastructure, and the integration with the floating production, storage, and offloading (FPSO) vessel named Svetah Venetia. The FPSO is utilised for processing and separating oil, gas, and water. The produced oil is stored onboard and then offloaded to refineries via shuttle tankers. Phase II of the FDP will involve drilling new wells and employing enhanced oil recovery (EOR) techniques to increase the field's output, which is known for producing light, sweet crude. The JV partners were quoted by The Economic Times as saying: "The successful execution of the plan to resume production marks a significant milestone." Maheshwari stated, "This marks a significant step in Invenire's operational journey and reaffirms the JV's commitment to contributing to India's energy security." Hardy Exploration & Production (India), part of the Invenire Energy Group, serves as the operator of the PY-3 block. Also, ONGC has entered into a strategic partnership with global energy giant bp to bolster production at the Mumbai High oilfield. "PY-3 offshore field resumes production after 13 years" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
